Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1887-03-12
A HOME INDUSTRY.
A Great Mining and Smelling Eater.
prise-ReOrganixed On q Substantial
Basis, with Unimpaired Credit and
Large Cash Working Capital.

/ The fact of the action pending in
the District Court against the Phila-
delphia Mining and Smelling Com
.pany, for sums aggregating in round
numbers about half million dollars,
might indicate to most persons that
collapse of the smelling business at
ketchum was imminent; but, pursu-
ing our established policy of doing or
saying naught to reflect on public or
private matters unjustly, or cause
possible injury to credit or reputation,
we have taken measures to ascertain
the facts concerning this suit and the
proposed policy of the parties thereto
aud their possible successors, as re.
CARDS future operations in this region.
We learn from authority, and are
pleased to present to our readers with
running comments, the following:
The Philadelphia Mining and Smelt-
ing Company has for the past six
years struggled against all manner of
adverse circumstances. Every mining
and smelling man hereabouts knows
this. But this company has been COM
posed Of persons who have stood right
up to the rack and faced the music as
no other concern in this Territory, and
few anywhere else. have ever done.
Every contract has been carried out
in perfect good faith, and no just
claim has ever been disputed or pay.
ment delayed moment. This is a
remarkable record, especially consid-
ering all the facts and the discour-
aging experience of its officers and
stockholders.
The company, at the beginning Of
the present year, found itself indebted
in various large amounts contributed
by few of its principal stockholders
and upon their personal credit. 1t
was desirable and advisable to make a
new deal, particularly in view of more
promising results from its own mining
enterprises. A reorganization was
determined upon, of which this action
and proposed judicial transfer of all
realty-as being more practicable and
conclusive-is the result. That is all
the suit means.
We learn, as before stated, with
authority, and which will forthwith
develop, that new organization has
been incorporated, to be known as the
"Philadelphia and Idaho Company,
in which is consolidated all the prop
, erty and interests of the Philadelphia
Mining and Smelling Company, the
/ Little Wood River Mining and Smell
ing Company, and various individual
interests, including the Silver Star
Salamander, and other mines a
Smoky, and others elsewhere in thi.
region, upon a full paid up capital'za
ton of one million dollars, which i.
represented by far more than actua
value of property. The new company
has cash working capital of 5000, 600
in its treasury, paid in and on hand te
start on, and will be beyond question
the strongest mining and smelling
company in the Territory, and one Of
the most substantial organizations il
the Western States and Territories.
The main cause of non success O.
the old company was that its owl
mines were not developed to thei
> present status, and in attempts tt
:, make smelling a paying enterprise
they were obliged to compete in th,
: market for ores at great disadvantage
and, as is we'll known, could not oh
tain ores even at lower charges OF
higher prices than outside parties con
tracted-local freights and other cir
: cumstances being against them. The
must either offer rates So to IS pc
ton better than parties contraotin.
p from Denver and Omaha, or see tn
ID ores go out of the country; and it i
a notorious fact that when rates wer
offered amounting to about the sam
all around by this company and out
e siders, the outsiders got the ores, t
! the damage of ali our local interest.
Y On every ton of ore reduced by tn
d Ketchum works, from Sl5 to $40 pc
y ton remains in the country for wages
It charcoal, teaming, etc, in addition t
J. the revenue from sale of ore. Whe
d the ores go out, the revenue from tn
d sale thereof only accrues to the fe
y producers, while, on the other hant